Tanzania has paid its outstanding capital contribution of $407,284.97 to Shelter Afrique, bringing the total to contribution to $3.1 million, and raising its stake in the firm from 1.54% to 1.72%
Tanzania now becomes the first East African country to fully pay its capital subscription in the firm, joining Morocco, Mali, Lesotho, Namibia, Togo and Zimbabwe as countries who have fully cleared all their capital arrears.
Among other East Africa member countries, Kenya’s capital arrears stands at $17.6 million, Uganda at $4.98 million, and Rwanda at $1.03 million.
Tanzania has committed 50 acres of land for alternative building materials as it seeks to plug housing deficit estimated at 3 million units. Shelter Afrique, which provides long-term credit lines for primary mortgage lenders, housing micro-finance institutions and re-financiers, has since inception approved financing in Tanzania worth $52 million.
Shelter Afrique says within the last six months of this year, the company has received more than $20million in additional capital contributions from Kenya, Cameroon, Tanzania, Mali, Rwanda, Uganda, Togo, Swaziland, Ivory Coast and Democratic Republic of Congo.
Shelter Afrique is a pan-African housing financier owned by 44 member states, including Kenya, the host nation, the African Development Bank, and Africa Re. The firm has also invested in Kenya Mortgage Refinance Companies (KMRC).
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